The 2020 Mid-Year Economic Update_long

Tip: Use Data You Already Have to Solve Existing Problems

How to maximize benefits from information you already have.

Distributors have access to lots of data, but actually using the data effectively can be a challenge. Training and technology can translate the data you have into information you can use, says Mike Marks from Indian River Consulting Group in Minding the Gap Between Data & Action.

Much of the opportunity available from business intelligence tools is lost because people simply don’t know what they have or what to do with it, Marks says.

If your leadership is saying brilliant things, but no one understands how to apply those brilliant things, the value to your business is minimal. By the same token, if your team is willing to try something new, but there’s nothing new coming at them, there’s no value in that either.

Two essentials must be met to translate capability into action with regard to data that you already have: quality insight and the ability to absorb it. Buying new technology or software to resolve business complications can backfire, Marks says.

If management isn’t able to apply analytics to their data, “spraying the money hose” at problems can often make things worse.

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